Market strategy for Monday 15 sep 2014

NIFTY Sep. expiry future last closed at 8140 with 21 points gain. In Intraday NIFTY, future made high at 8148 while low was at 8096. Total almost 52 points intraday range and closed with gain. On futures side, -1.69% open interest cut suggest short covering. On option side, 8100 put options writing was seen which is strong support on downside. For Monday below 8140, keep sell on rise view. Buy only if sustain above 8140 for target 8250. Nevertheless, looking technical picture nifty may continue to correct and consolidate. Option traders can buy in the money put options for short terms with strict stop loss in place.

BANKNIFTY Sep. expiry future last closed at 16,332 with gain of 49 points. In intraday BANK NIFTY, future hit high at 16,338 while low was at 16,201. Total 140 points intraday range and closed with gain. On futures, side +0.13% open interest build up suggest strong long addition. On option side 16,500 call options writing has been seen. For Monday, follow sell on rise view with strict stop loss of 16,450 for target 16,200 to 16,100.

India VIX active future last closed at 1250 with almost 23 points loss. In intraday NVIX hit high at 1255 while low was at 1250. Total 5 points intraday range and closed with loss. On futures, side +50% open interest addition seen. For Monday, keep buy on dips view with strict stop loss below 1200.

Power Grid Corporation of India Limited stock closed at 135 with loss. In intraday stock hit high at 137 while low was near 134. For Monday, traders can sell this stock near 137 levels with strict stop loss 141 for targets 128.

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